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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
LEASES (Note 5)
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2025 and 2024.
20252024
(in thousands)
ROU assets:
Operating leases $313,107 $324,975 
Finance leases784 3,500 
Total$313,891 $328,475 
Lease liabilities:
Operating leases $371,610 $384,745 
Finance leases838 3,558 
Total$372,448 $388,303 
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Finance lease cost:
Amortization of ROU assets$152 $53 $16 
Interest on lease liabilities31 12 — 
Operating lease cost50,124 49,875 48,241 
Short-term lease cost1,383 1,498 1,930 
Variable lease cost125 201 177 
Sublease income(4,132)(3,316)(3,303)
Total lease cost (primarily included in net occupancy expense)$47,683 $48,323 $47,061 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$52,524 $51,581 $49,007 
Operating cash flows from finance leases31 — — 
Financing cash flows from finance leases156 3 18 
The following table presents supplemental information related to leases at December 31, 2025 and 2024:
20252024
Weighted-average remaining lease term
Operating leases11.4 years11.9 years
Finance leases4.1 years5.1 years
Weighted-average discount rate
Operating leases3.98 %3.88 %
Finance leases4.32 %4.33 %
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2025:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2026$274,420 $55,754 $225 
2027212,129 49,271 223 
2028151,398 47,537 223 
2029104,338 46,183 223 
203058,673 45,020 18 
Thereafter24,405 231,477 — 
Total lease payments825,363 475,242 912 
Less: present value discount(86,280)(103,632)(74)
Total $739,083 $371,610 $838 
The total net investment in direct financing and sales-type leases was $739.1 million and $746.5 million at December 31, 2025 and 2024, respectively, comprised of $733.6 million and $741.0 million in lease receivables and $5.5 million and $5.5 million in non-guaranteed residuals, respectively. Total lease income was $42.7 million, $39.8 million and $40.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Leases
LEASES (Note 5)
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2025 and 2024.
20252024
(in thousands)
ROU assets:
Operating leases $313,107 $324,975 
Finance leases784 3,500 
Total$313,891 $328,475 
Lease liabilities:
Operating leases $371,610 $384,745 
Finance leases838 3,558 
Total$372,448 $388,303 
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Finance lease cost:
Amortization of ROU assets$152 $53 $16 
Interest on lease liabilities31 12 — 
Operating lease cost50,124 49,875 48,241 
Short-term lease cost1,383 1,498 1,930 
Variable lease cost125 201 177 
Sublease income(4,132)(3,316)(3,303)
Total lease cost (primarily included in net occupancy expense)$47,683 $48,323 $47,061 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$52,524 $51,581 $49,007 
Operating cash flows from finance leases31 — — 
Financing cash flows from finance leases156 3 18 
The following table presents supplemental information related to leases at December 31, 2025 and 2024:
20252024
Weighted-average remaining lease term
Operating leases11.4 years11.9 years
Finance leases4.1 years5.1 years
Weighted-average discount rate
Operating leases3.98 %3.88 %
Finance leases4.32 %4.33 %
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2025:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2026$274,420 $55,754 $225 
2027212,129 49,271 223 
2028151,398 47,537 223 
2029104,338 46,183 223 
203058,673 45,020 18 
Thereafter24,405 231,477 — 
Total lease payments825,363 475,242 912 
Less: present value discount(86,280)(103,632)(74)
Total $739,083 $371,610 $838 
The total net investment in direct financing and sales-type leases was $739.1 million and $746.5 million at December 31, 2025 and 2024, respectively, comprised of $733.6 million and $741.0 million in lease receivables and $5.5 million and $5.5 million in non-guaranteed residuals, respectively. Total lease income was $42.7 million, $39.8 million and $40.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Leases
LEASES (Note 5)
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2025 and 2024.
20252024
(in thousands)
ROU assets:
Operating leases $313,107 $324,975 
Finance leases784 3,500 
Total$313,891 $328,475 
Lease liabilities:
Operating leases $371,610 $384,745 
Finance leases838 3,558 
Total$372,448 $388,303 
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Finance lease cost:
Amortization of ROU assets$152 $53 $16 
Interest on lease liabilities31 12 — 
Operating lease cost50,124 49,875 48,241 
Short-term lease cost1,383 1,498 1,930 
Variable lease cost125 201 177 
Sublease income(4,132)(3,316)(3,303)
Total lease cost (primarily included in net occupancy expense)$47,683 $48,323 $47,061 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$52,524 $51,581 $49,007 
Operating cash flows from finance leases31 — — 
Financing cash flows from finance leases156 3 18 
The following table presents supplemental information related to leases at December 31, 2025 and 2024:
20252024
Weighted-average remaining lease term
Operating leases11.4 years11.9 years
Finance leases4.1 years5.1 years
Weighted-average discount rate
Operating leases3.98 %3.88 %
Finance leases4.32 %4.33 %
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2025:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2026$274,420 $55,754 $225 
2027212,129 49,271 223 
2028151,398 47,537 223 
2029104,338 46,183 223 
203058,673 45,020 18 
Thereafter24,405 231,477 — 
Total lease payments825,363 475,242 912 
Less: present value discount(86,280)(103,632)(74)
Total $739,083 $371,610 $838 
The total net investment in direct financing and sales-type leases was $739.1 million and $746.5 million at December 31, 2025 and 2024, respectively, comprised of $733.6 million and $741.0 million in lease receivables and $5.5 million and $5.5 million in non-guaranteed residuals, respectively. Total lease income was $42.7 million, $39.8 million and $40.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Leases
LEASES (Note 5)
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2025 and 2024.
20252024
(in thousands)
ROU assets:
Operating leases $313,107 $324,975 
Finance leases784 3,500 
Total$313,891 $328,475 
Lease liabilities:
Operating leases $371,610 $384,745 
Finance leases838 3,558 
Total$372,448 $388,303 
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Finance lease cost:
Amortization of ROU assets$152 $53 $16 
Interest on lease liabilities31 12 — 
Operating lease cost50,124 49,875 48,241 
Short-term lease cost1,383 1,498 1,930 
Variable lease cost125 201 177 
Sublease income(4,132)(3,316)(3,303)
Total lease cost (primarily included in net occupancy expense)$47,683 $48,323 $47,061 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$52,524 $51,581 $49,007 
Operating cash flows from finance leases31 — — 
Financing cash flows from finance leases156 3 18 
The following table presents supplemental information related to leases at December 31, 2025 and 2024:
20252024
Weighted-average remaining lease term
Operating leases11.4 years11.9 years
Finance leases4.1 years5.1 years
Weighted-average discount rate
Operating leases3.98 %3.88 %
Finance leases4.32 %4.33 %
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2025:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2026$274,420 $55,754 $225 
2027212,129 49,271 223 
2028151,398 47,537 223 
2029104,338 46,183 223 
203058,673 45,020 18 
Thereafter24,405 231,477 — 
Total lease payments825,363 475,242 912 
Less: present value discount(86,280)(103,632)(74)
Total $739,083 $371,610 $838 
The total net investment in direct financing and sales-type leases was $739.1 million and $746.5 million at December 31, 2025 and 2024, respectively, comprised of $733.6 million and $741.0 million in lease receivables and $5.5 million and $5.5 million in non-guaranteed residuals, respectively. Total lease income was $42.7 million, $39.8 million and $40.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Leases
LEASES (Note 5)
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2025 and 2024.
20252024
(in thousands)
ROU assets:
Operating leases $313,107 $324,975 
Finance leases784 3,500 
Total$313,891 $328,475 
Lease liabilities:
Operating leases $371,610 $384,745 
Finance leases838 3,558 
Total$372,448 $388,303 
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Finance lease cost:
Amortization of ROU assets$152 $53 $16 
Interest on lease liabilities31 12 — 
Operating lease cost50,124 49,875 48,241 
Short-term lease cost1,383 1,498 1,930 
Variable lease cost125 201 177 
Sublease income(4,132)(3,316)(3,303)
Total lease cost (primarily included in net occupancy expense)$47,683 $48,323 $47,061 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$52,524 $51,581 $49,007 
Operating cash flows from finance leases31 — — 
Financing cash flows from finance leases156 3 18 
The following table presents supplemental information related to leases at December 31, 2025 and 2024:
20252024
Weighted-average remaining lease term
Operating leases11.4 years11.9 years
Finance leases4.1 years5.1 years
Weighted-average discount rate
Operating leases3.98 %3.88 %
Finance leases4.32 %4.33 %
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2025:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2026$274,420 $55,754 $225 
2027212,129 49,271 223 
2028151,398 47,537 223 
2029104,338 46,183 223 
203058,673 45,020 18 
Thereafter24,405 231,477 — 
Total lease payments825,363 475,242 912 
Less: present value discount(86,280)(103,632)(74)
Total $739,083 $371,610 $838 
The total net investment in direct financing and sales-type leases was $739.1 million and $746.5 million at December 31, 2025 and 2024, respectively, comprised of $733.6 million and $741.0 million in lease receivables and $5.5 million and $5.5 million in non-guaranteed residuals, respectively. Total lease income was $42.7 million, $39.8 million and $40.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.